The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Arkansas residents, the state will deduct 4.9% from your lottery earnings.
| Arkansas Powerball Jackpot/Cash Option for Sat May 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(4.9%) | $823,200 | | Net Lumpsum Payment | $9,800,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$26,550 |
$354,476 |
| 2 |
$568,944 |
$170,840
$27,878 |
$370,226 |
| 3 |
$597,384 |
$181,362
$29,272 |
$386,750 |
| 4 |
$627,264 |
$192,418
$30,736 |
$404,110 |
| 5 |
$658,620 |
$204,020
$32,272 |
$422,328 |
| 6 |
$691,560 |
$216,208
$33,886 |
$441,466 |
| 7 |
$726,120 |
$228,995
$35,580 |
$461,545 |
| 8 |
$762,444 |
$242,435
$37,360 |
$482,649 |
| 9 |
$800,568 |
$256,541
$39,228 |
$504,799 |
| 10 |
$840,600 |
$271,352
$41,189 |
$528,059 |
| 11 |
$882,612 |
$286,897
$43,248 |
$552,467 |
| 12 |
$926,748 |
$303,227
$45,411 |
$578,110 |
| 13 |
$973,080 |
$320,370
$47,681 |
$605,029 |
| 14 |
$1,021,752 |
$338,379
$50,066 |
$633,307 |
| 15 |
$1,072,836 |
$357,280
$52,569 |
$662,987 |
| 16 |
$1,126,476 |
$377,127
$55,197 |
$694,152 |
| 17 |
$1,182,780 |
$397,959
$57,956 |
$726,865 |
| 18 |
$1,241,928 |
$419,844
$60,854 |
$761,230 |
| 19 |
$1,304,028 |
$442,821
$63,897 |
$797,310 |
| 20 |
$1,369,224 |
$466,943
$67,092 |
$835,189 |
| 21 |
$1,437,696 |
$492,278
$70,447 |
$874,971 |
| 22 |
$1,509,588 |
$518,878
$73,970 |
$916,740 |
| 23 |
$1,585,044 |
$546,797
$77,667 |
$960,580 |
| 24 |
$1,664,316 |
$576,127
$81,551 |
$1,006,638 |
| 25 |
$1,747,512 |
$606,910
$85,628 |
$1,054,974 |
| 26 |
$1,834,920 |
$639,251
$89,911 |
$1,105,758 |
| 27 |
$1,926,648 |
$673,190
$94,406 |
$1,159,052 |
| 28 |
$2,022,984 |
$708,834
$99,126 |
$1,215,024 |
| 29 |
$2,124,144 |
$746,264
$104,083 |
$1,273,797 |
| 30 |
$2,230,344 |
$785,558
$109,287 |
$1,335,499 |
|
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